Single-Family Homes Update(HAR report)
Single-family home sales jumped 11.6 percent in July, with 8,953 units sold across greater Houston compared to 8,019 a year earlier. That represents the greatest one-month sales volume of all time. On a year-to-date basis, single-family home sales are running 3.0 percent ahead of 2018’s record pace.Home prices were the highest ever for a July. The median price came in at $250,000, up 2.2 percent from July 2018. The average price rose 2.2 percent to $312,727.
Days on Market (DOM), or the number of days it took the average home to sell, was 50 compared to 48 a year ago. Inventory expanded to a 4.3-months supply. That is up from 4.1 months year-over-year and is just slightly below the 2019 peak of 4.4-months supply reached in June. It is also slightly below the national inventory of 4.4 months reported by NAR.